The appraisal is required by the IRS, not Fidelity. This is true for any charitable donation of non-cash, non-securities of $5,000 or more. Fidelity gives you a confirmation showing the date they receive your crypto and the selling price, but the IRS won’t accept that as a legal appraisal. You have to hire an appraiser, and Fidelity can refer you to such folks (and look at our Yellow Pages for a list of appraisers – we’re adding to this list often.) Yes, an annoying aspect of making donations of crypto. I think you can get it done for less than $600.
Trey Barnes, Sr. Wealth Advisor, Mariner Wealth Advisors | Ric Responded December 16, 2021